Closing Costs for Residential Real Estate Transactions
Every home sale involves costs. Sellers and buyers almost always share these closing costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since Longhorn Mortgage has extensive experience with closings and mortgages, we are closing cost experts.
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Longhorn Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Longhorn Mortgage can answer questions about these closing costs. Call us: 512-302-9410.
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